At 125, Crane Residential Resort Seeks to File IPO
Tuesday October 16th, 2012 - 10:31AM
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BARBADOS—The Crane Residential Resort, the oldest hotel in Barbados, is seeking to become a public company.
According to the website, Totally Barbados, the resort entity is preparing for an initial public offering with the hope of raising Bds $120 million in order to increase the capital base of the resort.
Managing Director Paul Doyle indicated the capital raised would allow investment in a number of other Barbados tourism-related projects, including the eco-friendly Culpepper Development near the Crane that will feature beach houses practically built into the hillside. Additionally, the site reported Doyle indicated continued interest in the historic Sam Lords property—the subject of ongoing litigation—with a goal of restoring the now-derelict "castle" and surrounding property.
The Crane Resort, which is marking its 125th year, currently has 252 rooms, with 30 more under construction.
Tags: Hospitality Construction/Renovation Ownership
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.